BEL20/BELG20 cfd seems to have formed an Inverted Shoulder-Head-Shoulder like pattern.
IF BEL20 can close above strong resistance at around 3,575 the RSI will close above 60 i.e., indicate higher Index levels.
The full potential of the SHS pattern is indicated by the vertical arrows i.e., to around 3,752 but a bullish move is likely to be cut short around the0.618 and 0.786 Fibonacci levels at 3,652-3,696.
It should also be noted that there is strong resistance at around 3,632. The declining 200 Daily Moving Average will also add to the overhead resistance. A close below 3,506 will hurt the performance of the SHS pattern and a close below right shoulder i.e, below 3,413 will demolish it